Port of Melbourne Bill introducedA Bill has been introduced in Parliament that will enable the Victorian Government to lease commercial operations at the Port of Melbourne.The lease is intended to finance Victoria’s major infrastructure projects, with the proceeds going to the Victorian Transport Fund (VTF). The VTF will be used to support the removal of level crossings, and finance works on the Melbourne Metro Rail project, the West Gate Distributor and other transport initiatives.During the proposed year lease term, the leaseholder will be responsible for managing the Port’s operations and expanding its capacity. Port pricing set by the leaseholder will be guided by a Pricing Order developed by the Essential Services Commission and property rents will continue to be set by contract. Annual tariff increases will also be capped at CPI for at least 15 years.The Property Council is in ongoing discussion about the Bill.
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